Daytona Beach, FL - A hot real estate market continues to show signs of cooling down.
The Daytona Beach Multiple Listing Service reports 476 homes sold in June, a drop of over 5% compared to June 2017. 503 homes sold that month, per MLS statistics.
Ron Wysocarski - owner of Wyse Home Team Realty in Port Orange - says that follows the general trend so far this year.
"The local real estate market remains strong, but we are seeing some signs that the frenzied pace of the market may settle into a more natural rhythm," Wysocarski added.
MLS figures show home sales from May to June fell by over 7%, with 513 homes selling in May for a median sales price of $227,500.
On top of that, year-to-date sales show that 2018 is just ahead of 2017's pace, with 2,560 sales reported at this point in the year versus 2,512 for the first half of last year. That's an increase of just under 2%.
Those who are selling their homes this year are getting more money, though. The median sales price in June was $220,000, an increase of over 2% and $5,000 more than the same month last year.
In addition, the median sales price for the first six months of 2018 is $227,000, over 9% better than the $207,000 recorded during that same time period in 2017.
Inventory levels dropped by 1.5% in June when compared to the month prior, with 2,339 homes listed last month and 2,375 listed in May.
Wysocarski says he expected that because a lot of buyers try to get the deal done before the school year begins.
"There’s a lot of pent-up buyer demand out there that continues to give sellers the upper hand in negotiations," Wysocarski noted.
Even with that decrease in housing inventory, there were still 8% more homes available in June versus the June prior, according to MLS.
Overall, 4.4% more homes hit the Daytona Beach area market during the first half of 2018 compared to the first six months of 2017.